Starting from the measurement framework of the System of National Accounts, this part clarifies the measurement of the international economic dimension of the SNA, especially to measure economic interdependencies of nations, their exposures and vulnerabilities. The international accounts for an economy summarize the economic relationships between residents of that economy and the rest of the world. Many international task teams are working on aspects of international trade and economic globalization, but an overarching framework is still missing.
The full list of all available publications related to "Accounting Framework for Trade and Macro-economic issues" can be found HERE.
In every respect, the world economy is far more integrated today than in 1980, the conventional year used to mark the beginning of the current globalization. Such growing economic, social, political and cultural integration is to a large extent the result of endogenous changes in the field of transport, information, and telecommunication technologies and in demographic trends… more »
The global crisis of 2008–09 and its ongoing aftershocks have focused attention on the possible risks associated with global interconnectedness. Absent a satisfactory theory and empirics on the relationships among interconnectedness, stability, and policies, however, following through on the calls in the Triennial Surveillance Review for ncorporating interconnectedness into the Fund’s policy and risk analysis is challenging. This paper characterizes the architecture of cross-border trade and financial interconnectedness and points to how it might inform the Fund’s work. more »
This note provides an overview of the theoretical and empirical literature in the implications of greater trade and financial integration for the volatility and sychronization of business cycles. more »
Economists have long analysed and helped us understand trade, why nations needed it to prosper, and what governments had to do to reap the gains while managing the costs. The many theories you and your predecessors have developed leave no doubt about the importance of trade to growth and economic development... more »
The day-to-day international trade in goods and services is a vital part of a well functioning global economy. Given the large share of trade transactions involving some sort of credit, either insurance or guarantee, it is clear that trade finance provides the necessary liquidity and security to complete transactions between buyers and sellers around the globe. The financial crisis of 2008-2009 brought a worldwide shrinkage of available financing and a somewhat smaller decline… more »
In November 2010, G-20 leaders meet in Seoul with Korea as the host—the first time that an emerging or newly industrialized country chairs the meeting. Opinion on what the G-20 has achieved since it started to meet at leaders’ level two years ago is divided. Many focus on the actual summit meetings and on the fact that it has been hard to achieve concrete agreement on key policy issues. No doubt the G-20 is also threatened by the syndrome of grand declarations with weak follow up that we already observed during G7 meetings in the past… more »
Globalisation is the shrinking of distance and the reduction of trade boundaries in the world economy. Companies operate across national boundaries and consumers purchase from suppliers half-way across the world. Sometimes the purchaser will have no clear idea of the supplying country if the product is supplied via the internet… more »
The Statistical Commission of the United Nations has been concerned with conceptual or practical difficulties in the implementation of the System of National Accounts (SNA) since it was introduced in 1968. At its 1983 session, the Commission agreed that the SNA should be revised with the specific objectives of clarifying it and harmonizing it with related statistical systems rather than modifying it... more »
New goods play a central role in many trade and growth models. We use detailed trade and firm-level data from a large developing economy—India—to investigate the relationship between declines in trade costs, the imports of intermediate inputs and domestic firm product scope. We estimate substantial static gains from trade through access to new imported inputs... more »
We develop a framework for studying trade in vertically and horizontally differentiated products. In our model, consumers with heterogeneous incomes and tastes purchase a homogeneous good as well as making a discrete choice of quality and variety of a differentiated product. The distribution of preferences in the population generates a nested logit demand structure... more »
The current wave of globalization starting around 1999-2000 (with the fall of the Berlin wall, with changes in the concepts of development and with the ensuing capital market liberalization following earlier undertaken trade liberalization) has profound effects on the labour market and on the employment situation of workers all over the world. These effects are in many cases accentuated by the current financial and economic crisis. The purpose of this paper is first to review some general labour market trends in this period of globalization and secondly to highlight especially the labour market trend of financial globalization... more »
As renewed concerns about the strength of the global recovery started to dampen the external demand conditions, the impact of robust domestic growth was visible in the form of a higher current account deficit in the first quarter of... more »
Novelists have a better track record than economists at foretelling the future. Consider then Gary Shteyngart’s timely comic novel “Super Sad True Love Story” (Random House, 2010), which provides a rather graphic vision of what lies in store for the world economy. The novel takes place in the near future and is set against the backdrop of a United States that lies in economic and political ruin… more »
This study was undertaken by the OECD’s Trade Committee in response to the financial and economic crisis that started in 2008. The 12.5% fall in global trade in 2009 is explained by several factors: the collapse in demand, the drying up of trade finance, a larger fall in demand for highly traded goods (such as machinery and transport equipment) relative to less traded goods and services, and the vertically integrated nature of global supply chains... more »
